(Read more on the multifamily market.)

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RICHMOND, VA-A multifamily portfolio has come on the block herethat is valued at $85 million or more. The portfolio consists oftwo multifamily developments in Chesterfield County called theBelvedere and River Forest--one with 240 units, the other 296units-–plus an additional six-acre parcel of zoned land that iscontiguous to one of properties. This parcel has an allowabledensity of up to 60 units.

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According to Drew White, lead broker with Cushman &Wakefield Apartment Brokerage Services, which is marketing theclass A properties for a private local developer, the Bogese Co.,the occupancy is in the high 90s.

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"The portfolio provides a strong cash flow in a location thatwill appeal to institutional investors looking to place money inRichmond," he tells GlobeSt.com. Indeed multifamily portfolio salesare a relatively rare event in the Richmond market, according toWhite.

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The relatively scarce supply of such portfolios could wellaccount for the interest institutional investors have paid thus farto the portfolio, which went to market this week. "Investors canput a lot of capital to work in a healthy market with one move,"White says, adding that some of the inquiries he has received inthe short time the portfolio has been marketed have come frominstitutional investors that do not have a presence inRichmond.

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River Forest is close to Ft. Lee, which is expected to grow by11,390 new residents--including 5,970 new militarypersonnel--between 2007 and 2013 due to the Defense BaseRealignment and Closure Act, or BRAC.

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